Tips for First-time Condo Buyers
Best Tips For First Time Toronto Condo Buyer
Tips for First-time Condo Buyers that You Need to Know
If you’re thinking about buying your first condo, then congratulations are in order! Whether you want to buy a condo as a home or as an investment, you are in for a rewarding experience. Before you start your search and make your purchase, however, there are a few things that you should keep in mind. If you don’t know where to begin and are looking for information, I’m glad to extend my help to you! Here you’ll find all the tips that first-time condo buyers need to make their journey a successful one.
Decide Whether You Want to Buy Re-sale or Pre-construction
The first tip I have for first-time condo buyers is to narrow down their search by choosing between re-sale and pre-construction condos. To put it as simply as possible, a re-sale condo has already been built and lived in, while a pre-construction condo is planned to be newly built within a couple of years. You can learn more about the two different types of condos and their pros and cons here Pre-construction and Re-sale Condos: The Pros and Cons. Once you’ve figured out which kind is the right fit for your lifestyle, you’ll be able to continue search with ease.
Create a Budget and Decide How You’ll Finance Your Purchase
The cost of condos can differ greatly depending on their age, location, amenities, and other factors. Looking through every condo available in your desired area will be tiresome and pointless. Once you’ve done some initial research, decide on what you can afford and then go from there. This will prevent you from falling in love with condos that are out of reach for you financially and keep you looking at the ones that you can afford.
You will also need to know how you’re paying for your condo. Unless you have hundreds and thousands of dollars saved up, you’ll need to take out a mortgage. You should chat with a mortgage broker, bank, or other financial institution and see if you can get pre-approved for a mortgage based on your budget. Without doing this, you’ll have no idea how much of a down-payment you will need to make or how high your interest rate will be.
Find a Real Estate Agent with Condo Sales Experience
Looking for condos on your own can be confusing and exhausting, especially for first-time condo buyers. A real estate agent can help! You shouldn’t just pick any agent, however; it’s in your best interest to choose one who has a few years of experience with condos. An experienced condo agent will be more knowledgeable and helpful when it comes to finding a good deal and answering your questions. You can read more about why you should have an experienced agent when buying a pre-construction condo here Why You Need an Experienced Agent to Buy Pre-Construction Real Estate
Know What Amenities You Want and Which Ones You can Live Without
Condos come with a lot of perks, many in the form of various amenities. Amenities differ from condo to condo so you should have an idea about which ones you’d like to take advantage of. For example, if you like throwing family get-togethers, then a party room is a must-have. Be aware of which amenities you won’t use, however. While it’s nice to have a pool and tennis courts, they’re pointless if you don’t think you’ll use them. You pay for all amenities in your condo fees, so be choosy and pick a condo with ones that best suit your needs.
Research Condo Locations
The location of a condo is extremely important, but unfortunately, many first-time condo buyers forget to do their research. When searching for condos, take a look at the surrounding neighbourhood. Is it close to transit stops? How about grocery stores? Schools? Condo living can be beneficial, but if you have to go out of your way to get to the necessities of life, then it may be best to look elsewhere.
You should also take a look at what developments are planned for the future. Will a new building be going up beside you and change the view outside your window? Will the nearby school that you want your child to attend by closing within the year? These are good things to know before you buy a condo based on its location.
Sometimes, first-time condo buyers are nervous to ask “too many questions” out of fear of seeming naïve or annoying. I encourage you, however, to ask any and all questions you may have! The answers can give you a better idea of what the condo is like before you buy it and it’s too late to change your mind.
Don’t be scared to ask questions about the blueprints when buying pre-construction, inquire about the condo rules and the price of condo fees, and look into whether parking is available and how much it costs. Any experienced agent and/or condo representative will happily explain the things you want to know more about!
Don’t Forget About the Extra Costs
First-time condo buyers are often surprised with just how much condos actually cost. Along with your down payment, monthly mortgage rate, and bills, you will also need to set aside money for closing costs, occupancy fees, and condo fees. If you’d like to know more about these “extra costs,” I suggest reading my blogs on the topics:
- What do Condo Fees Include?
- What are Interim Occupancy Costs?
- Pre-Construction Condo Closing Costs to Remember when Buying a Pre-Built Condominium in the GTA
Even More New Condo Closing Costs that You Should Know About
Want More Tips for First-time Condo Buyers?
If you’d like more of my professional advice, give me call or send me an e-mail. I’m reachable at 647-519-5751 and firstname.lastname@example.org. Together, we can discuss details, go over your questions and concerns, and start the search for your perfect condo!